Nextpower CAO awarded 95,274 performance stock units
Nextpower Inc. Chief Accounting Officer Bennett David P reported compensation-related stock activity.
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Form Type
4
Rhea-AI Filing Summary
Nextpower Inc. Chief Accounting Officer Bennett David P reported compensation-related stock activity. He received a grant of 95,274 performance stock units (PSUs) that were earned after the Board certified relative total shareholder return results for the 2023–2026 performance period. Each earned PSU entitles him to one share of common stock upon vesting. In connection with the PSU vesting and conversion, 32,666 shares of common stock were sold in a mandated Rule 10b5-1 “sell-to-cover” transaction to satisfy tax withholding obligations, rather than as discretionary market sales. After these transactions, he directly holds 193,575 shares of Nextpower common stock.
Insider Trade Summary 10b5-1
2 transactions reported
Mixed
2 txns
Insider
Bennett David P
Role
Chief Accounting Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 32,666 | $121.25 | $3.96M |
| Grant/Award | Common Stock | 95,274 | $0.00 | $0.00 |
Holdings After Transaction:
Common Stock — 193,575 shares (Direct)
Footnotes (5)
- F1. Reflects an award of performance stock units ("PSUs"), originally granted to the Reporting Person on June 21, 2023, that were earned upon the final certification by the Board of Directors of the Issuer (the "Board") on April 22, 2026, of the level of achievement of the rTSR modifier performance metric for the performance period from April 1, 2023 to March 31, 2026
- F2. The Reporting Person previously reported on a Form 4 filed with the SEC on May 22, 2024 the acquisition of 95,274 PSUs as initially earned pursuant to this award based on achievement of the applicable financial metrics for the performance period from April 1, 2023 to March 31, 2024. Such number of PSUs reported on such Form 4 reflected 75% of the number of PSUs initially earned, which was the minimum amount of PSUs that were eligible to be earned and eligible to vest at the end of the three-year performance period, regardless of the level of achievement of the rTSR modifier performance metric (the "Minimum PSU Amount"), subject generally to continued employment through the vesting date.
- F3. The number of PSUs reported herein reflects the additional number of PSUs in excess of the Minimum PSU Amount earned upon certification of the Board of the level of achievement of the rTSR modifier performance metric applicable to such award.
- F4. Each earned PSU reflects the right to receive one share of the Issuer's common stock upon satisfaction of the applicable vesting conditions.
- F5. Reflects the number of shares required to be sold pursuant to a "sell-to-cover" transaction in order to satisfy the tax withholding obligations in connection with the vesting and conversion of PSUs. These sales are mandated by the Issuer's "sell-to-cover" policy adopted by the Issuer on March 2, 2023 pursuant to the requirements of Rule 10b5-1 and its authority under its equity incentive plan, and do not represent discretionary trades by the Reporting Person.
Key Figures
PSU award earned: 95,274 units
Sell-to-cover shares: 32,666 shares
Sell-to-cover price: $121.25/share
+3 more
6 metrics
PSU award earned
95,274 units
Performance stock units earned for April 1, 2023–March 31, 2026 period
Sell-to-cover shares
32,666 shares
Shares sold to cover tax withholding at $121.25 per share
Sell-to-cover price
$121.25/share
Price for 32,666 common shares in mandated tax sale
Post-transaction holdings
193,575 shares
Common shares directly held after April 2026 transactions
Interim holdings after PSU acquisition
226,241 shares
Direct common stock position immediately after PSU-related acquisition
Restructuring shares
32,666 shares
Classified under other acquisition or disposition (Code J)
Key Terms
performance stock units ("PSUs"), rTSR modifier performance metric, sell-to-cover, Rule 10b5-1, +1 more
5 terms
performance stock units ("PSUs") financial
"Reflects an award of performance stock units ("PSUs"), originally granted to the Reporting Person"
rTSR modifier performance metric financial
"level of achievement of the rTSR modifier performance metric for the performance period"
sell-to-cover financial
"Reflects the number of shares required to be sold pursuant to a "sell-to-cover" transaction"
Sell-to-cover is when part of newly issued or exercised company stock is immediately sold to pay required taxes and fees, so the recipient keeps the remaining shares. For investors this matters because it reduces the number of shares insiders or employees actually hold after a grant, can create small, routine share sales that aren’t signal of cashing out, and slightly increases share supply on the market—like selling a portion of a paycheck to cover the tax bill.
Rule 10b5-1 regulatory
"sell-to-cover policy adopted by the Issuer on March 2, 2023 pursuant to the requirements of Rule 10b5-1"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
equity incentive plan financial
"pursuant to the requirements of Rule 10b5-1 and its authority under its equity incentive plan"
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did Nextpower (NXT) report for its Chief Accounting Officer?
Nextpower’s Chief Accounting Officer Bennett David P reported earning 95,274 performance stock units and a related sale of 32,666 common shares in a mandated sell-to-cover transaction for taxes. Following these compensation-related events, he directly holds 193,575 shares of Nextpower common stock.
What performance period and metrics determined the Nextpower (NXT) PSU award for the CAO?
The performance stock units were tied to a performance period from April 1, 2023 to March 31, 2026. They were earned based on achievement of financial metrics and an rTSR modifier performance metric, as certified by Nextpower’s Board of Directors on April 22, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
